Supercycle on — record capex feeds HBM demand; commodity DRAM/NAND is starved; contract prices surge; the ~75% memory-maker fund NAV rides the price cycle almost one-for-one.

Why the DRAM memory fund rides the memory price cycle (and what reverses it) Hyperscaler AI capex record 2026 ~2x 2025 AI-server buildout demands HBM + GPUs oligopoly shifts wafer + packaging → HBM Micron Samsung SK Hynix HBM → AI servers commodity DRAM / NAND / SSD commodity exit ~1:1 contract prices surge memory price → fund NAV DRAM fund MU 27% Samsung 26% SK Hynix 22% ~75% in the 3 memory makers nav rides the price cycle ~1:1 reversal branches Capex stall spend growth stalls HBM supply catch-up new fab capacity online Capacity rebalance wafer back to DRAM/NAND Pricing power fades fund reprices sharply